A Weekend Trade Idea For Tezos (XTZ/USD)
Cryptocurrencies are on the bull today, posting solid gains across the board. At press time, Bitcoin BTC (+7.10%), Ethereum ETH (+7.50%), and Ripple XRP (+11.77%) are up big. Altcoins Tron (+5.18%), Polkadot (+10.11%), and Tezos (+5.59%) are also having a nice session. With weekend trade only a few hours away, sentiment is positive following a rough Fed-dominated week.
All in all, it has been a quiet news day in the cryptosphere. After the FOMC Minutes and bold statements from Fed member Kashkari, it appears the pressure is off crypto. For now, that is. Subsequently, short-term action has been bullish and brought several key numbers into play:
Coin Key Number
Bitcoin $50,000
Ethereum $3,500
Ripple $1.25
Litecoin $200
For Tezos, prices are up 60% over the past 30 days. Given the stiff gain, two key levels of topside resistance are coming into view. If we see bids continue to hit XTZ, a premium selling opportunity will set up nicely.
Is Tezos (XTZ/USD) Ready To Challenge The Weekly Downtrend?
Since the highs of early-May, it has been a rough go for Tezos. Values have been cut in half as XTZ has yet to recover from mid-May’s selloff. Currently, a bearish bias remains warranted as topside resistance is coming into view.
Here are two long-term levels to be aware of for Tezos:
- Resistance(1): Bollinger MP, $4.08
- Resistance(2): 38% Retracement Of Macro 2021 Range, $4.51
Bottom Line: If we see Tezos continue its recent winning ways, a challenge of the $4.00 handle is likely. Until elected, I’ll have sell orders in the queue from $3.99. With an initial stop loss at $5.09, this trade produces $1.00 (25%) on a rejection of the $4.00 handle.
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